Compare Mortgage Quotes

Guest

Right now I am upside down in my house and my current mortage company will not re-fi my loans, even though both loans are threw them. I bought the house for $148 and I owe $160 on it now, and the market values are $125 at best. I have sent away for a short sell packet and was going to take that route first. If the short sales does not work, I was thinking about walking away and taking a Foreclouser hit on my report. My question is, if I walk away I know the risks of the foreclouser to my credit, but I know that I could re-build it, but what I want to know, is can the mortage company come after me for any fees or un-paid balances after a foreclouser process has been issued?

jenkin7 · Posted: Mon Nov 09, 2009 2:46 am Post subject:

Hi acatencio,

If you walk away from the property, the lender will foreclose on it. They will sell off the home to recover the unpaid mortgage balance. But if the sales proceeds do not cover the outstanding loan balance, they will come after you for the deficiency. They can sue you, garnish your wages or put liens on your property for non-payment of the deficient amount. There are anti-deficiency laws in certain states, which can protect the borrower from a deficiency judgment. If the property was your primary residence and there are anti-deficiency laws in your state, you can claim protection from deficiency judgments.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1